Thank you for this information. I appreciate it. Now ...
When Mr Eno was hired, he received his base salary of $500K/yr plus 500K common stock options which he could exercise at any subsequent point in time of his choosing, correct?
Thus, on March 1, 2018, Eno optimally had his salary plus 500K share of BioAmber stock, assuming he exercised his full option before that date. Correct?
On March 1, 2018, Mr Eno received a second grant of 500K share of common stock options, exercisable at a rate of 13,889 per month, correct?
So ... how many shares would he be able to vest between March 1, 2018 and October 1, 2018, October being the month when the CCAA negotiations were finalized. What? May I propose roughly 97,223 shares? Could this be right?
Let's hypothesize this: Eno requested or vested a full 100K shares to cover the few days in October before "negotiations" were formally finalized with the purchase of BioAmber assets by one of the bidders. Given this hypothesis, he would have had 600K shares owned, all of them being option-vested shares. In short, at this point in time, every share Eno owned were based on hiring grants. True?
HOWEVER, Mr Eno ALSO purchased 400K shares from the open market in late July 2018, giving him 1M shares of BioAmber common stock owned, when all was said and done in October 2018.
I think this correctly fits the record we have today. Otherwise, how do YOU account for the unaccounted-for 400K shares?
Now I know you don't believe he purchase 400K shares in July 2018. I can't help that. Such a purchase, however, fits the record. Back in 2018, I was on the BioAmber case every day until early roughly Spring 2019, when other matters interrupted my own "diligence" effort. As it is, I distinctly recall and verified to my satisfaction at the time that Eno purchased 400K shares. I kept record of most things that occurred. But "proof" of Eno's purchase is not in my records. Let me be honest about this: It's not that I don't wish to, but I just don't have the time to go nosing around to find proof of Eno's purchase to satisfy you or any other forum member who's made this an issue. It's a fact I postulate, but in the broad scheme of things, it's not that important to spend time to satisfy all the naysayers.
Most importantly, however, whether I am right or wrong, is that NOW most of us agree that by the time Eno resigned, or shortly thereafter, he possessed 1 million shares of BioAmber common stock. If Eno knew ... during the summer of 2018 ... that BioAmber was doing to go bust, why would he even continue to purchase his monthly option allotment of 13.8K shares? And if he didn't purchase any shares after March 1, 2018, since he knew BioAmber would be liquidated before the year ended, why would he add to his initial grant of 500K options? We can account for an additional 100K shares, that's it.
Even if Mr Eno has a formal BioAmber 500K Grant Certificate framed on his office wall, would he spend the monthly amount to purchase an additional 500K shares as he oversaw the sinking of BioAmber into the depths of oblivion, as some folks believe is the case? Unless he wanted his Certification to read "One Million Shares." (Psst: He could not get to 1 million without a market purchase.)
In short, sir, you provided the details related to his stock grants. How do you account for the fact that the record shows he has 1 millions shares today?
Ego causam meam finire.
